China's memory-chip maker CXMT experienced a remarkable 466% surge on its Shanghai debut, becoming the most valuable company on a mainland Chinese market and potentially posing a competitive threat. This listing impacted global chip stocks, with Sandisk falling 11%, ASML down 5.8%, and Advanced Micro Devices declining 5.2%. The Nasdaq Composite closed down 0.2%.

Elsewhere, oil prices dropped as President Trump halted military action against Iran, opting for diplomacy. Brent crude futures fell 8.7% to $88.36 a barrel. In corporate news, Cracker Barrel's CEO, Julie Masino, stepped down due to customer alienation over menu and logo changes. She will be succeeded by David Deno. Cracker Barrel shares fell 2.4%.